Government rejected GHS 2.6 billion at its latest treasury bill auction on May 16, accepting only GHS 2.76 billion. This was far short of the auction target of GHS 6.68 billion, which suggests that the government is preferring to keep rates low rather than meet its borrowing target at higher interest rates.

Rates for the 91-day, 182-day, and 364-day treasury bills were 15.11%, 15.68% and 16.79% respectively compared to the 15.16%, 15.7% and 16.8% recorded in the previous auction. The government is targeting GHS 5.55 billion in its next auction on Friday.

Treasury bill rates have trended downwards from the start of 2025, falling from about 28% to about 15%. The downward pressure has partly been driven by a slow down in government spending as arrears are being audited.